The document discusses challenges and best practices for Internet of Things (IoT) initiatives based on a survey. Only 26% of companies report successful IoT initiatives. Collaboration between IT and business units, internal IoT expertise, and technology-focused culture are keys to success. IT and business executives differ in their perceptions, with IT placing more importance on technologies and business on strategies and processes. Common challenges include time, data quality, expertise, integration, and budgets. Successful organizations engage partners across all stages of IoT projects. Data from IoT projects can improve products, decisions, costs, customer interactions, and downtime. Most companies believe they have just begun realizing IoT's potential.